Statement of NCUA Chairman JoAnn Johnson
Alexandria, VA, March 11, 2005 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson issued the following statement today regarding the passage of S. 256, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
“Reforming the nation’s bankruptcy laws has been a priority of credit unions across the country and Senate passage of the bill will allow greater protections for America’s credit unions and their members. This law will provide more Americans with access to affordable credit and mainstream financial services. The bill passed by the Senate, also makes important revisions to the Federal Credit Union Act for federally insured credit unions with respect to how the NCUA would manage the termination, transfer and netting of financial contracts (derivatives) in the event of a liquidation or conservatorship. The NCUA was successful in having these provisions added to the bankruptcy legislation in 2003 in the House of Representatives. I am grateful Senator Grassley also included these provisions in a Senate bill for the first time this year and passed them by a significant margin.”
-NCUA Chairman JoAnn Johnson
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